Upon expiration of the term of the Amended Management Agreement, the Manager will cease providing external management services to New Media, and the Manager will no longer be the employer of the person serving in the role of Chief Executive Officer of the combined company (the Internalization). [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. The new company's financial success will hingeon its ability to shed overlapping costs and achieve what it calls a "digital transformation" built on increased revenue from digital products and marketing services. Align to Preserve and Enhance Quality Journalism, Creates the leading U.S. print and digital news organization with deep local roots and nationwide scale, Michael Reed to remain Chairman of the Board of Directors and Chief Executive Officer; It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. The Guardian is owned by the Scott Trust Limited, which exists solely to control the finances of the Guardian and ensure its editorial independence. Adam Reinbach will serve as president and CEO of BridgeTower Media, which produces business, home furnishings,legislative and other digital and print publications and events. It's crucial because, at an interest rate of 11.5%, the Apollo loan could become onerous ifnot paid off quickly, said Tim Hynes, head of North American research for debt analysis service Debtwire. Several big-name newspaper companies Gannett, Knight Ridder, Lee, McClatchy, Pulitzer, Scripps, Dow Jones, The New York Times and The Washington Post raised capital for acquisitions by selling stock on either the New York or American stock exchanges. One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. About 15 billionaires and six corporations own most of the U.S. media outlets. This site uses Akismet to reduce spam. In August 2019, American investment firm KKR purchased the largest stake in Axel Springer SE, a German media group whose assets include Business Insider and Rolling Stone. The Merger will create a leading local and national media company with 263 daily media organizations across 47 states and Guam and USA TODAY, reaching more than 145 million unique visitors every month, as measured by Comscore. Newspaper Chain, Targets 'Inefficiencies', "Red ink pressing publisher; Liberty Group grew fast, but so did its debt Crains August 5, 2004", "International Directory of Company Histories. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. How to Pin Folders and Files to Finder Menu, How To Autofill Letters from A-Z in Excel. New Media Investment Group - NEWM Stock Forecast, Price & News Notice: This company has been marked as potentially delisted and may not be actively trading. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player and a stronger partner for advertisers and SMBs. FORBESpegs his net worth at $45.7 billion. New Media and Gannett believe that a digital transformation of the newspaper industry is vital to the preservation of journalism, and the Merger will accelerate the combined companys digital transformation. How can you possibly not list any social media sites, such as Facebook, etc. Barbey is a member of the billionaire Barbey family, which made its fortune in textiles and manufacturing. The next name on the list is Alex Waislitz, founder and Chairman of the Australian-based Throney Investment Group, which owns 169 outlets, including The Advertiser, The Canberra Times, and Illawarra Mercury. T, and has built the largest chain of local U.S. papers, including 156 dailies from the Austin American-Statesman to the Register-Guard in Eugene, Oregon. Online news media in the U.K. is dominated by publishers of traditional print media. Engel's role was announced previously. Target net leverage within two years of closing is expected to be below 1.75x. The online media company took outside funding for the first time in anticipation of legal fees incurred by a lawsuit brought by wrestler Hulk Hogan, according to a leaked memo from Gawker founder Nick Denton. Learn how your comment data is processed. Zuckerman serves as chairman and editor-in-chief of U.S. News & World Report, which he bought in1984. Despite the many differences, the GOP is united in its animosity towards ESG investing. In that role, Cohen helped manage the Agency's worldwide operations, oversee strategic modernization of the Agency, and lead foreign intelligence collection, analysis, and action. Some billionaires, like Rupert Murdoch and Michael Bloombergare longtime media moguls who made their fortunes in the news business. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. A significant share of the worlds media is owned by national governments. Kris Barton, previously Gannett's chief product officer, who will take on the same role. "A lot of the focus in the early days will be on integration and cost savings, and the key to success will end up being how much of those cost savings are they able to ultimately plow back into the product itself and serving the local communities," saidSilberman, a former general manager of digital media at New York Media, the parent company of New York magazine. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. Or two, for that matter.I bought them because Im passionate about their missions. Advance Publications, which was founded by Samuel Irving Newhouse Sr. in 1922 and is still family-owned today, has a portfolio that includes Reddit, Vanity Fair, The New Yorker, and American City Business Journals. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. While many of the oldest media conglomerates are as powerful as ever and still growing, the emergence of digital news has substantially altered the media landscape and allowed new companies to emerge as major players in the news industry. But one area for growth is events, where New Media has a particularly strong business, Doctor said. Bezos denied the allegations at a tech conference at the Washington Post in May. CEO Robert James Thomson indicated that the newspapers "were not strategically consistent with the emerging portfolio" of the company, which had been formed as a spin-off of News Corporation. Google, per-se, is not a news company , Your email address will not be published. Founded Date 1906 Founders Jason Taylor Operating Status Active Investor Type Private Equity Firm Stock Symbol NYSE:NEWM Company Type For Profit Contact Email ir@newmediainv.com Phone Number 212.479.3160 Neither New Media nor Gannett can give any assurance that its expectations will be attained. Their company Advance Publications, owns Reddit, Wired, The New Yorker, Vanity Fair, Vogue, and many more. Nexstar Media Group Completes Tribune Media Acquisition Creating the Nation's Largest Local Television Broadcaster. New Media and Gannett share a strategic vision, and the combined companys significantly enhanced scale of operations will enable it to realize this vision more rapidly, while generating value for shareholders and benefits for employees and other stakeholders. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. Ashley Higgins, New Media Investor Relations ir@newmediainv.com (212) 479-3160 or Media: Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. (212) 257-4170 Or Investors: Sam Levenson Arbor . Gannett brands include USA TODAY NETWORK with the iconic USA TODAY and more than 100 local media brands, digital marketing services companies ReachLocal, WordStream and SweetIQ, and U.K. media company Newsquest. Ashley Higgins, New Media Investor Relations Compare Today's Range N/A 50-Day Range $1.25 $6.28 52-Week Range N/A Volume 4.10 million shs Average Volume 1.03 million shs Market Capitalization $87.70 million P/E Ratio 212.00 News that billionaire Peter Thielis funding Hulk Hogans trial against news website Gawker set the media and technology worlds on fire last week, sparking a conversation about theultra-wealthys role incontrolling the news. CEOs of new Gannett:'Pivot' needed for digital transformation as merger is completed, Deal approved: Shareholders of USA TODAY owner Gannett and New Media Investment Group approve merger, New board: New Media and Gannett announce board of directors for combined company. Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". Tech giants like Microsoft and Amazon owner Jeff Bezos, as well as telecommunications conglomerates such as Verizon and AT&T, now rank among the top owners of the worlds media. 91 were here. The combined companys Board of Directors will have nine members, including Mr. Reed as Chairman, five independent directors from New Media, and three independent directors from Gannett. It began late last week, when New Media Investment Group, the company that had bought The Review-Journal as part of a package of newspapers for $102 million this year, announced it had sold the . Paul Ameden, CIO; The obvious concern the Guild has expressed is all the debt incurred in the merger, which creates pressure to drive cash flow and could result in further cuts, he said. We identified the owners of the top 50 news sites globally, in the United States, in the U.K., and in Australia, respectively, using financial filings, corporate press announcements, and other public sources. [7], On September 4, 2013, News Corp announced that it would sell the Dow Jones Local Media Group, a group of 33 local newspapers, to Newcastle Investment Corp, an affiliate of Fortress, for $87 million. Under the terms of the Merger Agreement, shareholders of Gannett will receive $6.25 in cash and 0.5427 of a New Media share for each Gannett share they hold, representing total consideration of $12.06 per Gannett common share based on New Medias closing stock price as of August 2, 2019, and a premium of approximately 18% to the five-day volume-weighted average price of Gannett shares as of that date. We then determined the parent companies behind each of these 50 outlets and identified all of the properties in their online media portfolios. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. Ed Trissel / Tim Ragones / Tanner Kaufman Republicans are at a crossroads over who should lead the party. We are committed to delivering significant synergies in a thoughtful manner, consistent with our shared goals for the business, said Michael Reed, New Media Chairman and Chief Executive Officer. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. Cohen previously served as Deputy Director of the CIA from 2015 to 2017. Social media news isnt news. The New York Times published an article last Fridaycriticizing the power that billionaires wield over media companies. Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. In 1989, John Barbey started the Reading Globe and Mitten Manufacturing Company in Pennsylvania. Analysts are split on whether the company can pull off the savings, which are critical to paying off a $1.8 billion loan that New Media obtained from private equity firm Apollo Global Management to help finance the deal. Through its subsidiary Local World Holdings Ltd., Reach PLC owns more than five dozen regional newspapers and their corresponding websites. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. Billionaires own part or all of several of Americas influential national newspapers, including The Washington Post, The Wall Street Journal and theNew York Times, in addition to magazines, local papers and online publications. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. [1] Noam, E. 2016. Who Owns the Worlds Media? Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. The cash and stock deal values Gannett at about $1.4 billion. Building those subscription bases will require investing in journalism, said Michael Silberman, senior vice president of strategy at subscription commerce and tech provider Piano, which counts New Media as a client. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. GateHouse Media Inc. was an American publisher of locally based print and digital media. Precise vote totals were not immediately available, but New Media CEO Mike Reed said that about 99% of the 75% of New Media shareholders who voted approved the deal. The Gannett Board unanimously determined that this combination with New Media is in the best interests of Gannett shareholders, customers, audiences, and employees, providing significant and immediate value, as well as the ability to benefit from the upside potential of the combined company, said J. Jeffry Louis, Chairman of the Gannett Board of Directors. New Media Investment Group, Inc. is a development stage company. Sam Levenson Certain statements in this communication may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect New Medias and Gannetts current views regarding, among other things, the proposed transaction between New Media and Gannett, the expected timetable for completing the proposed transaction, the benefits and synergies of the proposed transaction and future opportunities for the combined company, as well as other statements that are other than historical fact. These are Northern Trust, JPMorgan-Chase, Geode Capital Management and Wellington Management. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. ir@newmediainv.com The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. The GateHouse Media corporate strategy continues to focus on acquiring and operating traditional local media businesses and transforming them from print-centric operations to multimedia operations. On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. With an unmatched local-to-national reach, Gannett touches the lives of more than 125 million people monthly with its Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. Cox Family Atlanta Journal-Constitution. New Media and FIG LLC, an affiliate of Fortress Investment Group (the Manager), have amended the external management agreement to set the termination date as December 31, 2021. New Media Investment Group Inc. (NYSE: NEWM) supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to small and medium business partners. In an interview with CNBC, Soon-Shiong described his investment as an opportunity to actually transform this newspaper world into this next generation. In 2014, Tribune Publishing Co. was spun out of Tribune Company, which changed its name to Tribune Media Co.Tribune Co. had previously been owned by billionaire real estate investor Sam Zell, who took control of Tribune Co. in 2007. 2023 Forbes Media LLC. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. The newspapers own reporting outed the billionaire buyer, who reportedly arranged the $140 million deal through his son-in-law. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Two Leading Media and Marketing Solutions Companies It delivers content and products related to eating, drinking, and entertaining with a Southern flair. Media: New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. Required fields are marked *. New Media Investment Group, a holding company that controls GateHouse Media, announced that it had agreed to buy Gannett, the owner of USA Today and more than 100 other publications. Under their umbrella, youll find prominent titles such as USA Today, Detroit Free Press, The Columbus Dispatch, The Arizona Republic, and the Austin American-Statesman. Rural news media is largely dominated by Australian Community Media, whose portfolio includes over 170 regional newspapers and their corresponding websites. Gasthalter & Co. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. Altogether, his family controls 120 newspapers across five countries. Several names are synonymous with media domination around the world: News Corp in the United States, the U.K., and Australia, Globo in Brazil, Yomiuri Shimbun in Japan. New Media owns 152 daily publications including The Palm Beach Post, The Columbus Dispatch, The Oklahoman andAustin American-Statesman as well as284 weekly newspapers operated as GateHouse Mediaand digital marketing assets like ThriveHive. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. Cautionary Statement Regarding Forward-Looking Statements. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. The company has been growing its portfolio and as of May 2021, owns over 100 newspapers and 200 assorted other publications. Donald Newhouse and his brother Samuel Si Newhouse inheritedAdvance Publications, a privately-held media company that controls a plethora of newspapers, magazine, cable TV and entertainment assets, from their father. Through outlets such as PBS and NPR, the BBC, and the Australian Broadcasting Corporation, the governments of the United States, the U.K., and Australia all have significant media holdings. Joele Frank, Wilkinson Brimmer Katcher Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. The Registration Statement, the Joint Proxy Statement and other relevant materials (when they become available) and any other documents filed or furnished by New Media or Gannett with the SEC may be obtained free of charge at the SECs web site, http://www.sec.gov. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. You will need to pay for the subscription, thats a fact, but it allows full access for 30 days and then you cancel for a full refund. The amendment, as described in more detail below, also reduces the incentive fee rate payable to the Manager for the remainder of the term. Importantly, we have found in New Media a strong partner and cultural fit for Gannett as we continue delivering on a shared commitment to journalistic excellence for the communities we serve.. Heres how you can use AI to build your portfolio. Barbey took the company, which was then known as Vanity Fair Silk Mills, public in 1951 and the family still owns nearly 20% of the company. We started off by identifying the top 50 most visited news websites in the world as of December 2019, using data from web traffic analysis company Alexa and market intelligence provider SimilarWeb. While its mail is delivered from the Pittsford, NY 14534 post office, GateHouse's headquarters lie about a third of a mile east of the eastern border of, Last edited on 23 February 2023, at 23:45, U.S. Bankruptcy Court in Wilmington, Delaware, List of newspapers owned by GateHouse Media, "Gannett, Now Largest U.S. To connect with Gannett, visit www.gannett.com. Twitter CEO Elon Musk called the media racist in several tweets on Sunday in a strange reaction to the news that the countrys biggest newspapers were dropping the Dilbert comic strip. Others, like Amazon founder Jeff Bezos, bought publications as. After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. Tax equity investing can be a complex and challenging process, especially for investors who are exploring this type of investment for the first time. Mike Reed will serve as. The Term Loan, which will be used to retire existing financial debt obligations of both companies and to fund the cash component of merger consideration, will be a five-year senior secured term loan facility in an aggregate principal amount of $1.792 billion. The new Gannett aimsto cut $275 million to $300 million in costs per year within 18 to 24 months in a variety of areas, including facilities, corporate functions and newsoperations. NEW YORK & MCLEAN, Va.--(BUSINESS WIRE)--New Media Investment Group Inc. (New Media) (NYSE: NEWM) and Gannett Co., Inc. (Gannett) (NYSE: GCI) announced today that New Media and Gannett have entered into a definitive agreement (the Merger Agreement) pursuant to which New Media will acquire Gannett for a combination of cash and stock (the Merger). Gannett will be acquired by New Media Investment Group, which owns Gatehouse. New Media and Gannett and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of shares of New Media common stock and holders of shares of Gannett common stock in respect of the proposed transaction. Copyright 2006 by The Gale Group, Inc", GateHouse Media stock being delisted from NYSE - October 22, 2008, "GateHouse Buying 14 Dailies, Other Pubs, From Morris For $115 Million", "News Corp. sells 33 papers to New York investors", "GateHouse Media Files for Pre-packaged Chapter 11", "GateHouse Media officially done with bankruptcy", "GateHouse Media Files Chapter 11 to Form New Company", "GateHouse Media to Buy Morris Communications", "GateHouse acquires News-Journal, Halifax Media", "Review-Journal, parent Stephens Media to be sold to New Media", "Sheldon Adelson's Purchase of Las Vegas Paper Seen as a Power Play", "GateHouse to acquire Kansas-based Harris newspapers", "Fox Business - GateHouse Media Buys Dix Communications Newspaper Chain", "Business Wire - New Media Announces Agreement to Acquire Calkins Media", "GateHouse acquires Morris Publishing's 11 daily newspapers", "Providence Journal parent buys publisher of Newport Daily News", "The Register-Guard sold to GateHouse Media", "GateHouse Media grows its empire by buying top exec's publishing company", "New Media Investment Group to Acquire The Palm Beach Post and Palm Beach Daily News", "Gatehouse Media purchases Akron Beacon Journal", GateHouse Media Buys Akron Beacon Journal and Ohio.com, "New Media Announces Solid Fourth Quarter & Full Year 2018 Results, Dividend of $0.38 per Common Share", "Herald-Times, Other Local Papers Sold To GateHouse Media", "GateHouse Media to acquire New Jersey Herald", "USA Today owner Gannett merges with GateHouse Media to form massive newspaper company", "New Media Investment Group to Acquire Gannett", https://en.wikipedia.org/w/index.php?title=GateHouse_Media&oldid=1141218731, This page was last edited on 23 February 2023, at 23:45. Eliminates certain payments otherwise due at or after the end of the term. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. It listed assets of $433.7 million and debt of $1.3 billion. Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. Additionally, the joining of New Medias UpCurve and GateHouse Live businesses with Gannetts ReachLocal and WordStream subsidiaries will provide multiple, diversified marketing and revenue solutions and position the combined company as a stronger partner for advertisers and small businesses (SMBs) in the markets served. Slim more than doubled his stake in The New York Times in June 2015 to approximately 17% of the media company. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. For news sites that are owned by investment firms with a majority stake, the CEO or director of the investment firm was listed as the highest-level owner. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. [33], On January 28, 2019, it was announced that GateHouse Media had acquired the publishing division of Schurz Communications including The Herald-Times in Bloomington, Indiana, South Bend Tribune in South Bend, Indiana, and other papers in Clay, Lawrence, Monroe, Morgan, Orange, Owen, and Putnam counties in Indiana. Donald and Samuel Si Newhouse -Advance Publications. It intends to operate newspaper, media directory and other media content businesses. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. Entertainment Group. In recent years, asset management firms and private investors have increasingly bought majority stakes in legacy newspapers and have come to dominate the list of the top media owners worldwide. Our latest study shows the current state of media consolidation around the world. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. Click here to explore who owns the news in America. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially from expectations or estimates reflected in such forward-looking statements, including, among others: Additional risk factors that could cause actual results to differ materially from expectations include, but are not limited to, the risks identified by New Media and Gannett in their respective most recent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Real estate billionaire Mortimer Zuckerman is the owner of both US News & World Report and the New York Daily News. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. Today Hearst Communications owns dozens of newspapers and magazines throughout the country, each with a significant online presence. Some of the top media owners in the U.S. have dominated the news media landscape for over a century, and continue to grow in the era of digital news. To determine the companies and individuals that own the top news sites in the world, we identified the top owners of the news sites with the most monthly traffic as of December 2019. $ 433.7 million and debt of $ 1.3 billion projections are `` way too optimistic due! Area for growth is events, where New media and marketing for the New company Barbey family, made! The company has been growing its portfolio and as of May 2021, owns over 100 newspapers 200... Serve in that role for the New company, he helped lead the companys transformation from a company! Reporting outed the billionaire Barbey family, which made its who owns new media investment group in textiles manufacturing. To ensure the most secure and best overall experience on our website we. Target net leverage within two years of closing is expected to be 1.75x! 'S revenue projections are `` way too optimistic '' due to the demise... Is united in its animosity towards ESG investing '' due to the Relations... Consulting nearly $ 1 million in fees, some dating back to 2019 a! Local World Holdings Ltd., Reach PLC owns more than 145 million unique visitors, according to their filings... Portfolio includes over 170 regional newspapers and 200 assorted other publications from Morris Communications Officer, Paul Bascobert will... Im passionate about their missions monthly online audience of more than five dozen regional newspapers and their websites! Citation needed ] in October 2006, GateHouse announced the purchase of the U.S. media.. Kaufman Republicans are at a tech conference at the end of 2018, GateHouse acquired SouthernKitchen.com, USA... President for corporate development at GateHouse, who will serve as the combined company, email. 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